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Below are the merchandise transactions of Yellow Company for the month of January 2019. January 1, 2019 Beginning Inventory, 1.900 units purchased at 6TL per
Below are the merchandise transactions of Yellow Company for the month of January 2019.
January 1, 2019 | Beginning Inventory, 1.900 units purchased at 6TL per unit. |
January 5, 2019 | Purchased 1.900 units at 8TL per unit. |
January 10, 2019 | Purchased 3.800 units at 9TL per unit. |
January 15, 2019 | Sold 6.080 units for 11TL (sale price) per unit. |
January 20, 2019 | Purchased 1.520 units at 10TL per unit. |
January 25, 2019 | Sold 1.900 units for 13TL per unit. |
Required: Under First In First Out - FIFO
- Gross Margin,
- Cost of Goods Sold,
- Cost of Ending Inventory.
Please copy paste the table (inventory card) given below and solve the question using the table.
INVENTORY CARD
FIFO | PURCHASED | SOLD | ON HAND | ||||||
DATE | Q | P | T | Q | P | T | Q | P | T |
Jan 1 |
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Jan 5 |
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Jan 10 |
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Jan 15 |
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Jan 20 |
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Jan 25 |
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Q-quantity, P-price and T-total
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